The US Department of Energy has issued tenders to purchase oil, to refill strategic reserves, which US President Joe Biden’s administration has used extensively for more than a year, with the aim of lowering gasoline prices.
And it stated in a statement that the repurchase process includes, in the first stage, three million barrels of oil, pointing out that “this first step in the refueling strategy comes following the historic withdrawal of these reserves to deal with the great disruption in global supplies, due to the war of Russian President Vladimir.” Putin over Ukraine.
The government called on the companies to sell the oil to the state “at a price less than $96 a barrel, which is the average price” at which it bought it, which represents “a good deal for taxpayers.”
And with the general rise in prices following the end of the “Covid 19” pandemic and the outbreak of war in Ukraine, the price of a barrel increased, reaching a maximum of $120. Therefore, the Biden administration decided to exceptionally resort to the country’s strategic reserves, in order to put pressure on prices.